People for Green Space/Save Pier Six, the advocacy group that opposes building two high rise residential buildings on the uplands of Brooklyn Bridge Park’s Pier Six, near the Atlantic Avenue entrance to the park, have released an open letter to the members of the Brooklyn Bridge Park Corporation’s board of directors. The letter argues that the conclusions drawn by consulting economist Barbara Denham, a former employee of the Empire State Development Corporation, which purport to justify the park’s need for revenue from the two buildings, are based on flawed data and assumptions. Among the defects alleged in Ms. Denham’s report are: discrepancies in tax data; misleading selection of what are considered comparable residential buildings for the purpose of projecting revenues; and underestimation of revenues from commercial rentals in Empire Stores. According to this Eagle story, the critique of Ms. Denham’s study is largely the work of Henry “Ren” Richmond, a Wall Street financial analyst, member of the board of People for Green Space, and resident of One Brooklyn Bridge Park. The Brookyn Bridge Park Corporation has promised to respond to the critique; we will report on their response when it is released.
People For Green Space Faults Consultant’s Report on Park’s Need for Tower Revenue
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